Chinese Sinochem Group used the blockchain to export goods

Chinese petrochemical giant Sinochem Group was able to use the technology of the blockchain in the exports of gasoline.

The newspaper Xinhua reported that the test delivery was made a subsidiary of Sinochem group Energy Technology and they departed from the Chinese city of Quanzhou to Singapore. The state Corporation said that a trial shipment marks the first time when the trading system on the blockchain includes all the basic aspects of the process.

Sinochem previously experimented with the technology of the blockchain in December it was announced that the company has completed the «China’s first simulated transaction of crude oil in the blockchain as part of the deal to import from the Middle East.» Then, the group stated that in the framework of the simulation was the possibility of using digital invoices, and smart contracts to optimize 20-30% of the cost of operation with crude oil.

The energy sector is increasingly interested in the technology of the blockchain and its possibilities, which will reduce operating costs. In February it became known that the Austrian utility Wien Energie testing
the technology of the blockchain in anticipation of full deployment of services based on technology.

In the beginning of the year petroleum Corporation Shell has announced
on the acquisition of shares of the blockchain the Blockchain startups Applied for the study of the possibilities of technology. In addition, in November last year, oil and gas companies BP, Shell and Statoil have created
trading platform based on blockchain for the use of technology in the energy sector.

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